OneStream bags $200m Series B, secures $6bn valuation

Corporate Performance Management (CPM) business OneStream Software has raised $200m in investment from a Series B funding round and now has a $6bn valuation.

The round was led by D1 Capital Partners and also included Tiger Global and Investment Group of Santa Barbara. The capital follows a previous investment from KKR in 2019, which led to OneStream gaining a valuation of over $1bn.

Founded in 2010, OneStream provides cloud or on-premise CPM products for mid-to-large companies. It aims to simplify financial consolidation, reporting, planning, analytics, financial consolidation and financial data quality for its users.

According to OneStream, the financing will be used to accelerate OneStream’s global expansion and innovation across its intelligent finance platform and solutions marketplace as the firm capitalises on ‘record’ market demand.

OneStream noted it achieved growth of 86% in annual recurring revenue (ARR) over 2020 and was able to scale its customer base by 40% to more than 650 enterprises globally. In the recently completed first quarter of this year, the company saw its sales hike up following a 200% growth in bookings and 100% growth in ARR year-on-year.

Businesses using OneStream’s software to date including private equity specialist Carlyle, UPS, Post Holdings, Fruit of the Loom and Sandpoint Consulting.

OneStream chief executive Tom Shea said, “Following on the strategic investment we received from KKR in 2019, we are excited to bring on marquee investors such as D1 Capital Partners, Tiger Global and IGSB to help accelerate our growth.

“We remain sharply focused on delivering innovative planning, reporting and analysis solutions designed to help our customers succeed in today’s fast-paced and increasingly complex business environment. The valuation is great recognition of the value our employees and stakeholders have helped to create, as well as the exciting opportunities ahead for OneStream.”

D1 Capital Partners principal Andrew Wynne added, “OneStream’s platform delivers exceptional customer value. Management’s intense focus on customer success has enabled OneStream to capture significant market share from incumbents while posting strong growth in both revenue and customer acquisition. We believe OneStream has both the vision and product required to be a dominant force in its industry.”

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